The UK pharma giant Astra Zeneca, famous for many things, and more recently for the mass manufacturing of pioneering University of Oxford Covid-19 vaccine. Its heritage has its roots from ICI (Imperial Chemical Industries).

AstraZeneca – Research-Based BioPharmaceutical Company

Imperial Chemical Industries – Wikipedia

The graph speaks volumes

A few weeks ago, the UK insurance giant, Aviva PLC paid out its September dividend to shareholders

https://www.aviva.com/

The dividend was 10.3p a share.

the total number of voting rights in Aviva plc was 2,802,902,021.

https://www.londonstockexchange.com/news-article/AV./total-voting-rights/15607769

Thus:-

2,802,902,021 x £0.103 = 288,698,908.163

That is £288.698 Million paid to shareholders

https://www.londonstockexchange.com/stock/AV./aviva-plc/company-page

The JPMorgan American Investment Trust plc is a London listed investment trust.

It aims to generate attractive long-term returns from the world’s largest stock market by focusing on high quality companies that are also reasonably priced. It aims to achieve capital growth from North American investments by outperformance of the S&P 500 index. The trust predominantly invests in quoted companies including, when
appropriate, exposure to smaller capitalisation companies, and emphasise capital growth rather than income. The Company has the ability to use borrowing to gear the portfolio within the range of 5% net cash to 20% geared in normal market conditions.

Holdings

Microsoft Information Technology 5.6% of the fund
Apple Information Technology 5.3% of the fund
Tesla Consumer Discretionary 4.2% of the fund
Bank of America Financials 4.1% of the fund
Amazon Consumer Discretionary 3.9% of the fund
United Health Group Health Care 3.8% of the fund
Alphabet Communication Services 3.5% of the fund
Martin Marietta Materials 3.2% of the fund
Loews Financials 3.2% of the fund
Berkshire Financials 3.2% of the fund

https://www.londonstockexchange.com/stock/JAM/jpmorgan-american-investment-trust-plc/company-page

A few weeks ago Scotland’s largest asset manager, Abrdn PLC (formerly known as Standard Life plc) paid out its September dividend to shareholders.

https://www.abrdn.com

7.3p a share.

https://investegate.co.uk/abrdn-plc–abdn-/rns/total-voting-rights/202208010955024204U/

The Company’s issued share capital consists of 2,167,475,819 ordinary shares

Thus:-

2,167,475,819 x £0.073 = £158,225,734.787

That is £158.225 Million, paid to shareholders.

https://www.londonstockexchange.com/stock/ABDN/abrdn-plc/company-page

https://news.sky.com/story/government-plans-cap-on-revenues-of-renewable-energy-firms-12718382

It is a windfall tax, punishing investment in Green Energy companies.

The effect on the UK Green Energy sector has been brutal and dramatic, as the graph’s below show:-

Liz Truss abruptly ends press conference after announcing corporation tax U-turn | Politics News | Sky News

Courtesy of Sky News (A Comcast Company)

Prime Minister Liz Truss abruptly ends news conference | Politics News | Sky News

A Beautiful Goodbye Wave

The Bank continues to monitor developments in financial markets very closely in light of the significant asset repricing of recent weeks. It has also been working with the UK authorities to address risks to the resilience of Liability Driven Investment (LDI) funds arising from volatility in the long-dated government bond (gilt) market

Bank of England widens gilt purchase operations to include index-linked gilts | Bank of England

The Bank said it would buy more government bonds to try to stabilise market conditions. Its emergency scheme started after September’s mini-budget, which spooked markets and drove up borrowing costs. Government borrowing costs rose again sharply on Monday after the Bank said the scheme would end this week.

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a post Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://www.dmo.gov.uk/data/pdfdatareport?reportCode=D2.1PROF7

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In September 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were only 4 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

27-Sep-2022 0 1/8% Index-linked Treasury Gilt 2031 3 months £1,200.0000 Million
07-Sep-2022 1% Treasury Gilt 2032 £3,437.5000 Million
06-Sep-2022 0¼% Treasury Gilt 2025 £4,183.1570 Million
01-Sep-2022 0 7/8% Treasury Gilt 2046 £2,499.9990 Million

£1,200.0000 Million + £3,437.5000 Million + £4,183.1570 Million + £2,499.9990 Million = £11,320.656 Million

£11,320.656 Million = £11.320656 Billion

On another way of looking at it, is in the 30 days in September 2022, HM Government borrowed:- £377.3552 Million each day for the 30 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond maturing from 2025 to 2046. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……”

Yesterday, the UK pharmaceuticals giant GSK paid out its dividend.

https://www.gsk.com

It was £0.1625 a share.

https://www.londonstockexchange.com/news-article/GSK/total-voting-rights/15654991

the total number of voting rights in the Company is 4,067,377,650

Thus:-

4,067,377,650 x £0.1625 = £660,948,868.125

That is £660 million paid to shareholders

https://www.londonstockexchange.com/stock/GSK/gsk-plc/company-page

Share Price Graphs in: Gresham House Energy Fund, Legal & General, Tesco, NatWest & HSBC.

PowerPoint Presentation (resolutionfoundation.org)

The last few days have seen a radical reshaping of the Government’s economic policy and a radical reaction from financial markets. HM Government is will to ramp up borrowing, and reducing its tax revenues (by lowering income tax) in their plan (hope) for economic growth. However surging borrowing costs for Government was surely never part of the plan.

In the presentation link above from the very well respected Resolution Foundation they explore what this means for the UK economy going forwards. You can also can watch the YouTube video below with key input from Stephanie Flanders, Senior Executive Editor at Bloomberg and Head of Bloomberg Economics and Robert Colvile, Director of the Centre for Policy Studies

Today, “the world’s local bank” pays its September dividend to shareholders.

https://www.hsbc.com

$0.09 or 7.8821p a share

https://www.londonstockexchange.com/news-article/HSBA/total-voting-rights/15608667

Thus:-

The total number of voting rights in HSBC Holdings plc is 19,968,039,011

19,968,039,011 x £0.078821 = £1,573,900,802.886031

That is £1573 Million = £1.573 Billion paid to shareholders

https://www.londonstockexchange.com/stock/HSBA/hsbc-holdings-plc/company-page

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a post Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://dmo.gov.uk/data/pdfdatareport?reportCode=D2.1PROF7

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In August 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were only 4 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

23-Aug-2022 0 1/8% Index-linked Treasury Gilt 2039 3 months £750.0000 Million
16-Aug-2022 0½% Treasury Gilt 2029 £2,803.5000 Million
09-Aug-2022 1¼% Treasury Gilt 2051 £1,760.0000 Million
02-Aug-2022 1% Treasury Gilt 2032 £2,771.8750 Million

£750.0000 Million + £2,803.5000 Million + £1,760.0000 Million + £2,771.8750 Million = £8,085.375 Million

£8,085.375 Million = £8.085375 Billion

On another way of looking at it, is in the 31 days in August 2022, HM Government borrowed:- £260.81854838709677419354838709677 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond maturing from 2029 to 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……”

Tomorrow, the UK’s largest asset manager pays out its September 2022 dividend.

https://www.legalandgeneralgroup.com

5.44p a share

https://www.londonstockexchange.com/news-article/LGEN/total-voting-rights/15611077

the total number of voting rights in the Company is 5,972,835,503

Thus:-

5,972,835,503 x £0.0544 = £324,922,251.3632

That is £324.922 Million, paid to shareholders

https://www.londonstockexchange.com/stock/LGEN/legal-general-group-plc/company-page

Today, the UK Oil Super Major, BP pays out its quarterly dividend.

https://www.bp.com

$0.06006 (5.1684p) a share.

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/15610995

The total number of voting rights in BP p.l.c. is 18,833,075,214

Thus:-

18,833,075,214 x £0.051684 = £973,368,659.360376

That is £973 Million. Paid to shareholders

https://www.londonstockexchange.com/stock/BP./bp-plc/company-page

Yesterday Shell PLC paid out its September, quarterly dividend.

https://www.shell.com

$0.25 (21.57p) a share

https://www.londonstockexchange.com/news-article/SHEL/payment-of-shell-plc-second-quarter-2022-interim-dividend-moved-to-tuesday-september-20-2022/15625594

Due to the funeral of Her Majesty The Queen, the dividend that was to paid on Monday 19th, as a mark of respect, the dividend is now being paid on Tue 20th Sept.

https://www.londonstockexchange.com/news-article/SHEL/voting-rights-and-capital/15608771

Shell plc’s capital as at August 31, 2022, consists of 7,269,806,620 ordinary shares

Thus:-

7,269,806,620 x £0.2157 = £1,568,097,287.934

That is £1,568 Million = £1.568 Billion paid to shareholders

https://www.londonstockexchange.com/stock/SHEL/shell-plc/company-page

AstraZeneca the company that manufactured the University of Oxford Covid-19 Vaccination, the low cost vaccination, a few days ago, Astrazeneca paid put to its shareholders its September dividend, on the 12th September

https://www.astrazeneca.com

76.4p a share.

https://www.londonstockexchange.com/news-article/AZN/total-voting-rights/15565914

The total number of voting rights in AstraZeneca PLC is 1,549,489,389

Thus:-

1,549,489,389 x £0.764 = £1,183,809,893.196

That is £1.183 million = £1.183 Billion of cash paid to shareholders.

https://www.londonstockexchange.com/stock/AZN/astrazeneca-plc/company-page

Lloyds Banking Group September 2022 Dividend.

Yesterday, the 12th of September, The Lloyds Banking Group paid put to its shareholders its September dividend.

https://www.lloydsbankinggroup.com

0.8p a share.

https://www.londonstockexchange.com/news-article/LLOY/total-voting-rights/15563688

total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 68,479,354,394 ordinary shares of 10p each.

Thus:-

68,479,354,394 x £0.008 = £547,834,835.152

That is £547 million of cash paid to shareholders.

https://www.londonstockexchange.com/stock/LLOY/lloyds-banking-group-plc/company-page

On the 12th Sept, tomorrow the FTSE-100 Telecoms giant giant, British Telecommunications PLC paid out a dividend.

https://www.bt.com/

The UK’s premier telecoms group, connecting for good pays out to shareholders:-

5.39p a share.

https://www.londonstockexchange.com/news-article/BT.A/total-voting-rights/15563177

total voting rights figure will be 9,928,600,993

Thus:-

9,928,600,993 x £0.0539 = £535,151,593.5227

That is £535.151 Million paid to shareholders of BT plc.

BT GROUP PLC BT.A Stock | London Stock Exchange

A year ago £1 bought you US$1.3765 dollars

Today, £1 only buys you US$1.148

The decline in the value of the Pound to the US Dollar has been dramatic

On the 1st Sept, a two days ago the FTSE-100 food and consumer goods giant, Unilever paid out a dividend.

https://www.unilever.com/

36.33p a share.

https://www.londonstockexchange.com/news-article/ULVR/total-voting-rights/15569913

total voting rights figure will be 2,545,323,788

Thus:-

2,545,323,788 x £0.3633 = £924,716,132.1804

That is £924.716 Million paid to shareholders.

https://www.londonstockexchange.com/stock/ULVR/unilever-plc/company-page

On the 26th Aug, a few days ago the FTSE-250 green energy company UK Greencoat Wind paid out a quarterly dividend.

A graph of ascent.

https://www.greencoat-ukwind.com/

1.93p a share.

https://www.londonstockexchange.com/news-article/UKW/total-voting-rights/15346901

total voting rights figure will be 2,317,352,677

Thus:-

2,317,352,677 x £0.0193 = £44,724,906.6661

That is £44.724 Million

https://www.londonstockexchange.com/stock/UKW/greencoat-uk-wind-plc/company-page

Its investment strategy is to achieve long-term capital appreciation, mainly through investment in securities listed in India and listed securities of companies with a significant presence in India.
Set up in 2018.

The graph shows its recent volatility. However it is now to its ascent.

Top Ten Holdings:-

ICICI Bank Ltd 6.42% of the trust.
Infosys Ltd 5.57% of the trust.
Titan Co Ltd 3.84% of the trust.
Asian Paints Ltd 3.37% of the trust.
Persistent Systems Ltd 2.79% of the trust.
Laxmi Organic Industries Ltd 2.67% of the trust.
Axis Bank Ltd 2.49% of the trust.
Cipla Ltd 2.49% of the trust.
Nestle India Ltd 2.46% of the trust.
Maruti Suzuki India Ltd 2.44% of the trust.

https://www.londonstockexchange.com/stock/AIE/ashoka-india-equity-investment-trust-plc/company-page

The Wellcome Trust improves health for everyone by funding research, leading policy and advocacy campaigns, and building global partnerships. Collaborative research that involves a diverse range of people from different fields of interest is key to progress in health science – and to achieving our aim of fostering a healthier, happier, world.

https://wellcome.org/

“Wellcome is a global charitable foundation. We want everyone to benefit from science’s potential to improve health and save lives”

Its financial report makes interesting reading.

https://cms.wellcome.org/sites/default/files/2022-01/wellcome-trust-annual-report-financial-statements-2021.pdf

With over £36,261 Million = £36 Billion in investments it was able to make an overall charitable spend in this year was £1,233 million across science, innovation, culture and society, and priority areas.

What an investment return of over 34% on the year.

The investments were in key areas:-

The investment returns are spectacular.

Its asset allocaton below shows its diversity.

Top Ten Holdings:-

https://en.wikipedia.org/wiki/Wellcome_Trust

Inflation is raging in the UK, now at over 10% in the UK. In the video below we see Ray Dalio talking to the great and late Paul Volcker, the Chairman of the US Federal Reserve, who was appointed by President Carter.

Paul Volcker – Wikipedia

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a post Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://dmo.gov.uk/data/pdfdatareport?reportCode=D2.1PROF7

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In July 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were only 5 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

27-Jul-2022 0 1/8% Index-linked Treasury Gilt 2051 3 months £700.0000 Million
21-Jul-2022 0¼% Treasury Gilt 2025 £4,366.2490 Million
19-Jul-2022 1 1/8% Treasury Gilt 2039 £2,500.0000 Million
12-Jul-2022 1% Treasury Gilt 2032 £3,437.5000 Million
05-Jul-2022 1¼% Treasury Gilt 2051 £2,378.7500 Million

£700.0000 Million + £4,366.2490 Million + £2,500.0000 Million + £3,437.5000 Million + £2,378.7500 Million = £13,382.499 Million

£13,382.499 Million = £13.382499 Billion

On another way of looking at it, is in the 31 days in July 2022, HM Government borrowed:- £431.69351612903225806451612903226 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond maturing from 2025 to 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……”

The UK Government, spends more that it earns in taxes. To bridge that gap, it borrows, issues debt, knows as Gilts.

https://dmo.gov.uk/data/gilt-market/index-linked-gilts/

Some of the borrowings, (debt issued), the interest rate paid to the creditors, is linked to the current inflation rate. Interesting to see how much debt the nation has to pay, where the interest paid on its debt, is linked to the current rate of inflation.

https://www.bbc.co.uk/news/business-62562025

10.1% is the current inflation rate.

So debt linked to the inflation rate, means the interest payments are “inflated by the inflation rate”

The pictures below show how much the UK currently owes that is linked to inflation.

£360,135.95 Million, and after factoring into inflation, that figure becomes £547,599.18 Million

That is £360 Billion that becomes £547 Billion

Controlling personal laziness and greed is an individual responsibility

The HSBC annual report makes interesting reading. HSBC is one of the largest banking groups in the world.

https://www.hsbc.com/

The annual report and financial statements give a scale of the business.

https://www.hsbc.com/investors/results-and-announcements/annual-report

Revenues of $49.552 bn = £41.403 Bn

The scale and strength of the Balance Sheet:-

They held high-quality liquid assets of $717 Bn = £599.086 Bn = £0.599 Trillion

How the bank funds itself, mainly from customer deposits.

The largest shareholders are BlackRock and Ping Insurance.

The balance sheet:

$403,018 million = £336,740 million HSBC Deposits with central banks
$1,045,814 million = £873,826 million Loans to customers
$1,710,574 million = £1,429,263 million Customers deposits with HSBC
$78,557 million = £65,638 million of debt (securities issues, bonds)

HSBC HOLDINGS PLC HSBA Stock | London Stock Exchange

The CT Global Managed Portfolio Trust is a ‘multi-manager’ investment trust, investing in a range of investment companies giving you exposure to different investment providers and markets within a single investment trust managed by Columbia Threadneedle

https://www.ctglobalmanagedportfolio.co.uk

Top Ten Holdings:-

HgCapital Trust 3.7% of the trust, Private Equity
Fidelity Special Values 3.5% of the trust, UK All Companies
Law Debenture Corporation 3.3% of the trust, UK Equity Income
Mid Wynd International Investment Trust 3.0% of the trust, Global
BH Macro 2.9% of the trust, Hedge Funds
Ruffer Investment Company 2.8% of the trust, Flexible Investment
RIT Capital Partners 2.8% of the trust, Flexible Investment
Personal Assets Trust 2.7% of the trust, Flexible Investment
Capital Gearing Trust 2.6% of the trust, Flexible Investment
Worldwide Healthcare Trust 2.5% of the trust, Biotechnology & Healthcare

https://www.londonstockexchange.com/stock/CMPG/ct-global-managed-portfolio-trust-plc/company-page

Last week, on Friday 5th August 2022, Vodafone PLC paid out its August dividend.

https://www.vodafone.com

Vodafone is the UK’s 2nd largest telecoms group, with BT Group PLC, being the Premier telecoms operator.

It paid out €0.045 Cents a share = £0.03785130 a share.

https://investors.vodafone.com/individual-shareholders/dividends

The total number of voting rights in Vodafone is 27,945,252,322

https://www.londonstockexchange.com/news-article/VOD/total-voting-rights/15564873

Thus:-

27,945,252,322 x £0.03785130 = £1,057,764,129.2157186

£1057 Million = £1.057 Billion paid to shareholders

https://www.londonstockexchange.com/stock/VOD/vodafone-group-plc/company-page

Exxon Mobil is the US Oil and Gas energy giant. It is American’s largest energy company.

https://www.exxonmobil.com/

Last week it announced some amazing revenues

https://corporate.exxonmobil.com/News/Newsroom/News-releases/2022/0729_ExxonMobil-announces-second-quarter-2022-results

Salient Points:-

Second-quarter earnings of $17.9 billion compared with $5.5 billion in the first quarter of 2022. Cash increased by $7.8 billion in the second quarter, as strong cash flow from operating activities more than covered capital investments and shareholder distributions.

The annual report for 2021 carries some very interesting figure.

https://corporate.exxonmobil.com/-/media/Global/Files/annual-report/2021-Financial-and-Operating-Data.PDF

Total debt of $ = $47,704 million = £39,248 million

Cost of financing (interest payments) the debt = $1,355 million = £1,114 million

The 2nd largest UK telecoms operator is Vodafone PLC.

https://www.vodafone.com

The largest and most dynamic telecoms operator is British Telecommunications PLC

https://www.bt.com

Some interesting points can be found in the results of Vodafone

https://investors.vodafone.com/sites/vodafone-ir/files/2022-05/FY22-Press-release-Final.pdf

The revenues are huge. Cash in the door from the business operations.
€45,580 Million = £38,794.80 Million = £38.794 Billion

Total Debt of €41,578 Million = £35,388.60 Million = £35.3886 Billion

One can see total debt of €41,578 Million, but the total debt is €53,257 Million = £45,329 Million = £45.329 Billion.

Vodafone holds liquidity of cash and near term cash assets of €7,496 Million + €4,795 Million + €1,604) = €13,895 Million = £11.8265 Billion.

Now Total debt is €53,257 Million = £45,329 Million = £45.329 Billion.

Financing costs = interest payment costs are €1,964 Million = £1,671.63 Million = £1.67163 Billion.

So a rough calculation on Vodafone’s interest payment of £1,671.63 Million on the total debt of £45.329 Billion, (£1.67163 Billion / £45.329 Billion) tells us that Vodafone on average is paying approximately an interest rate of 3.68% a year on its debt. That is cheap borrowing.

Consider the facts, revenues of £38.794 Billion, interest payments of £1.67163 Billion and holding cash and near cash assets of £11.8265 Billion

VODAFONE GROUP PLC VOD Stock | London Stock Exchange

Yesterday, with much media excitement, BP announced its Q2 results

https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-second-quarter-2022-results.pdf

The media were in a frenzy anout the size of the figures

https://news.sky.com/story/bp-reports-second-quarter-profit-of-8-45bn-highest-in-14-years-12663939

When one looks at the figures it is important to get past the “feeding frenzy” and look at the results in detail.

$9.2 Bn Profit = £7.52192 Bn
Current Debt of $22.8 Bn = £18.6413 Bn

Finance Costs, (interest payments) in the quarter = $556m = £454.586m

So by doing some simple forecasting, if total debt is £18.6413 Bn and BP is paying £454.586m a quarter, in a year, it is paying (£454.586m x 4 = £1,818.344 a year on its debt).
That means, (£18.6413 Bn / £1.818.344 bn) its rough annual interest rate on its debt is 10.25%.

The balance sheet is large. $299bn

https://www.londonstockexchange.com/stock/BP./bp-plc/company-page

Today, United Utilities PLC pays out the August 2022 dividend.

https://www.unitiedutilities.com

29p a share.

The total voting rghts is 681,888,418.

Thus:-

681,888,418 x £0.29 = £197,747,641.22

That is £197 Million

https://www.londonstockexchange.com/stock/UU./united-utilities-group-plc/company-page

Nat West is the National Westminster Bank plc. NatWest Bank is the new name for the Royal Bank of Scotland.

https://investors.natwestgroup.com/

The annual report makes interesting reading.

https://investors.natwestgroup.com/~/media/Files/R/RBS-IR-V2/annual-reports/full-annual-report.pdf

Some simple highlights:-

Customer Deposits are £479 Bn (£479,810 million)
Cash deposited with Central Banks £177 Bn (£177,757 million)
Loans to customer £358 Bn (£358,990 million)

Total Assets £781 Billion (£781,992 Million)

As at 11 February 2022, the UK Government held 50.94% of the issued share capital with voting rights of NatWest Group plc

On the 1st July 2022, GSK one of the largest pharmaceutical company’s in the world pays out its July 2022 dividend, ahead of its demerger where it is spinning out its consumer arm to create Haleon

https://www.theguardian.com/business/2022/jul/06/largest-lse-listing-45bn-looms-gsk-investors-demerger-vote-sensodyne-panadol-haleon-voltaren

https://www.gsk.com/en-gb/investors/a-new-consumer-healthcare-company/

The dividend is 14p a share.

https://www.londonstockexchange.com/news-article/GSK/total-voting-rights/15522948

The total number of voting rights in the Company is 5,084,151,821

Thus:-

5,084,151,821 x £0.14 = £711,781,254.94

That is £711 million.

https://www.londonstockexchange.com/stock/GSK/gsk-plc/company-page

The abrdn Private Equity Opportunities Trust is a London listed investment trust.

https://www.abrdnpeot.co.uk/

It is dedicated to investments in private equity funds and direct investments into private companies with European focus.[2] Established in 2001, the company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. Formerly Standard Life Private Equity Trust plc.

Net assets £1,099.6 million

Largest 10 Funds (% of NAV)

Advent International Global Private Equity VIII €13.0bn 5.4% of fund
Altor Fund IV €2.1bn 4.9% of fund
Nordic Capital Fund IX €4.3bn 4.2% of fund
Permira V €5.0bn 4.0% of fund
3i Venice SCSp (Action)B €2.5bn 4.0% of fund
Investindustrial Growth €375mn 3.6% of fund
Exponent Private Equity Partners III, LP.£1.0bn 3.6% of fund
Nordic Capital VIII €3.6bn 3.5% of fund
Sixth Cinven Fund €7.0bn 3.5% of fund
PAI Europe VI €3.6bn 3.5% of fund

Total 40.2% of fund

https://www.londonstockexchange.com/stock/APEO/abrdn-private-equity-opportunities-trust-plc/company-page

Carl Sagan destroys creationist in debate – YouTube

Share price & latest news | SEEIT (seeitplc.com)

The SDCL Energy Efficiency Income Trust plc invests exclusively in the energy efficiency sector.

The fund has achieved a £1 billion market capitalisation and is included as a constituent of the FTSE 250 index

The Company’s objective is to generate an attractive total return for investors comprising stable dividend income and capital preservation, with the opportunity for capital growth. It does so through its investment in a diversified portfolio of energy efficiency projects that deliver lower cost, cleaner and more reliable energy solutions to end users of energy.

https://www.londonstockexchange.com/stock/SEIT/sdcl-energy-efficiency-income-trust-plc/company-page

Pet Shop Boys – It’s Alright – YouTube

Dictation being forced in Afghanistan Revolution in South Africa taking a stand People in Eurasia on the brink of oppression I hope it’s going to be alright I hope the music plays forever Forests falling at a desperate pace The earth is dying, and desert taking its place People under pressure on the brink of starvation I hope it’s gonna be alright (Alright alright alright) Cause the music plays forever (Cause it goes on and on and on and on and on) I hope it’s gonna be alright (On and on and on and on, forever) And the music plays forever (Alright alright) Generations will come and go (will come and go) But there’s one thing for sure Music is our life’s foundation And shall succeed all the nations to come Cause the music plays forever (Cause it goes on and on and on and on and on) I hope it’s gonna be alright (On and on and on and on and on) (On and on and on and on) And the music plays forever The year three thousand may still come to pass But the music shall last I can hear it on a timeless wavelength Never dissipating but giving us strength I think it’s gonna be alright (It’s gonna be alright) (Alright alright alright alright) Cause the music plays forever (Eeh-oh-oh-eeh) (Gonna be alright) If the music plays forever (It will be alright) If the music plays forever (I think it’s gonna be alright) It’s gonna be alright (If the music plays) It’s all – alright It’s alright (For it goes on and on and on and on) (On and on and on and on)

There is a lot of talk in the UK of tax cuts, being proposed by the majority of candidates trying to becoming PM.

However the UK national debt is huge. Cutting taxes when the debt is so huge seems odd if not reckless.

UK general government gross debt was £2,382.8 billion at the end of 2021, equivalent to 102.8% of gross domestic product (GDP)

https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicspending/bulletins/ukgovernmentdebtanddeficitforeurostatmaast/december2021#government-debt

The reason for the huge debt is that the UK government runs at a deficit, in other words it spends more than it earns in taxation.

The debt is unstainable.

https://www.bbc.co.uk/news/business-62079052

Today, the supermarket group Sainsburys pays out its July dividend.

https://www.about.sainsburys.co.uk/

9.9p a share.

https://www.londonstockexchange.com/news-article/SBRY/total-voting-rights/15522684

The total number of voting rights in J Sainsbury plc is 2,343,734,901

Thus:-

2,343,734,901 x £0.099 = £232,029,755.199

That is £232 million paid to shareholders.

https://www.londonstockexchange.com/stock/SBRY/sainsbury-j-plc/company-page

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a post Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://dmo.gov.uk/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In June 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were only 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

28-Jun-2022 0 1/8% Index-linked Treasury Gilt 2031 3 months £1,011.9750 Million
08-Jun-2022 1% Treasury Gilt 2032 £3,125.0000 Million
07-Jun-2022 0¼% Treasury Gilt 2025 £3,075.0000 Million

£1,011.9750 Million + £3,125.0000 Million + £3,075.0000 Million = £7,211.975 Million

£7,211.975 Million = £7.211.975 Billion

On another way of looking at it, is in the 30 days in June 2022, HM Government borrowed:- £240.39916666666666666666666666667 Million each day for the 30 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature in 2032. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……”

3i Infrastructure is a London listed investment company investing in hard infrastructure assets.

Today, 3i Infrastructure PLC pays out its July 2022 dividend.

5.225p a share.

https://www.3i-infrastructure.com/

The total voting rights in the Company as at that date were 891,434,010

Thus:

891,434,010 x £0.05225 = £46,577,427.0225

That is £46m.

https://www.londonstockexchange.com/stock/3IN/3i-infrastructure-plc/company-page

The US, the world’s largest economy home to giants, like Exxon Mobile, Google, Intel, IBM, Cisco, Juniper, S-One Communications Corporation.

The US Central Bank, is the US Federal Reserve.

https://www.federalreserve.gov/

They are in a process of reducing the size of the balance sheet, that since 2008 has grown to deal with the Global Financial Crisis and then the 2020 Covid 19 Pandemic.

The 2 diagrams below show the size, now sitting at $8,934,346 Billion. (That is $8.9 Trillion)

The press release below shows the plan to reduce the size of the balance sheet with a reduction in the bond buying programme of QE.

https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20220615.pdf

“In their consideration of the appropriate stance of monetary policy, participants concurred that the labor market was very tight, inflation was well above the Committee’s 2 percent inflation objective, and the near-term inflation outlook had deteriorated since the time of the May meeting. Against this backdrop, almost all participants agreed that it was appropriate to raise the target range for the federal funds rate 75 basis points at this meeting. One participant favored a 50 basis point increase in the target range at this meeting instead of 75 basis points. All participants judged that it was appropriate to continue the process of reducing the size of the federal Reserve’s balance sheet, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that the Committee issued in May. In light of elevated inflation pressures and signs of deterioration in some measures of inflation expectations, all participants reaffirmed their strong commitment to returning inflation to the Committee’s 2 percent objective. Participants observed that a return of inflation to the 2 percent objective was necessary for creating conditions conducive to a sustainably strong labor market over time. “

The genius of Milton Friedman is explaining esoteric economical concepts in a way everyone can understand

The European Assets Trust is a London Listed Investmen Trust.

https://www.bmogam.com/european-assets-trust/

The trust aims are to achieve growth of capital through
investment in quoted small and medium-sized
companies in Europe, excluding the United
Kingdom. A high distribution policy has been
adopted and dividends are paid from a mix of
income and capital reserves

Top Ten holdings are:-

Lectra 3.3% of the fund, Technology
Ringkjoebing Landbobank 3.3% of the fund, Financials
SIG Group 3.2% of the fund, Industrials
Stratec 3.0% of the fund, Health Care
Sparebank 3.0% of the fund, Financials
Sligro Food Group 3.0% of the fund, Consumer Staples
flatexDEGIRO 2.9% of the fund, Financials
IMCD 2.8% of the fund, Basic Materials
Cancom 2.8% of the fund, Technology
Alten 2.8% of the fund,Technology

Pays quarterly dividends. 6.91% yield !!

https://www.londonstockexchange.com/stock/EAT/european-assets-trust-plc/company-page

On the 24th June, a few days ago, Tesco PLC paid out its quarterly dividend.

https://www.tescoplc.com

The dividend was 7.7p a share.

https://www.londonstockexchange.com/news-article/TSCO/total-voting-rights/15478378

The Company’s share capital as at 31 May 2022 consisted of 7,544,228,607 ordinary shares

Thus:-

7,544,228,607 x £0.077 = £580,905,602.739

That is £580 million paid to shareholders.

https://www.londonstockexchange.com/stock/TSCO/tesco-plc/company-page

On the 24th June, a few days ago, BP PLC paid out its quarterly dividend.

https://www.bp.com

The dividend was $0.0546 or 4.3556p a share.

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/15478107

The total number of voting rights in BP p.l.c. is 19,343,319,865

Thus:-

19,343,319,865 x £0.043556 = £842,517,640.03994.

That is £842million paid to shareholders.

https://www.londonstockexchange.com/stock/BP./bp-plc/company-page

The JPMorgan Global Core Real Assets Limited is a London listed investment trust. The fund invests in global real estate, global infrastructure, global transportation and listed real assets.

https://www.londonstockexchange.com/news-article/JARA/net-asset-value-and-portfolio-update-quarterly/15249136

Sector % Allocation
Industrial / Logistics 18%
Office 15%
Residential 10%
Retail 7%
Other Real Estate 6%

Total Real Estate
Utilities 11%
Renewable Energy 5%
Liquid Bulk Storage 2%
Fixed transportation Assets 2%
Conventional Energy 1%

Total Infrastructure (private % / public %) 22% (17% / 5%)
Maritime 11%
Energy Logistics 5%
Aviation 3%
Rolling Stock 2%

Total Transportation (private % / public %) 22% (18% / 4%)
Total Invested Portfolio 98%

https://www.londonstockexchange.com/stock/JARA/jpmorgan-global-core-real-assets-limited/company-page

A beautiful graph. We can see the “Covid Dip of April 2020.

The tread of renewables is clear.

Greencoat – UKWind (greencoat-ukwind.com)

Huge investment in Green energy, and Greencoat UK Wind, is a FTSE-250 energy power company.

GREENCOAT UK WIND PLC UKW Stock | London Stock Exchange

Some large institutional investors hold this stock, such as Investec Wealth, Ballie Gifford, and some very positive commentary, Kepler Trust Intelligence: Flash Update – 11:42:14 29 Apr 2022 – UKW News article | London Stock Exchange

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://dmo.gov.uk/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In May 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were only 4 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

24-May-2022 0 1/8% Index-linked Treasury Gilt 2039 3 months £847.7000 Million
17-May-2022 1¼% Treasury Gilt 2051 £2,187.4990 Million
11-May-2022 0½% Treasury Gilt 2029 £2,500.0000 Million
10-May-2022 0 7/8% Green Gilt 2033 £2,250.0000 Million

£847.7000 Million + £2,187.4990 Million + £2,500.0000 Million + £2,250.0000 Million = £7,785.199 Million

£7,785.199 Million = £7.785199 Billion

On another way of looking at it, is in the 31 days in May 2022, HM Government borrowed:- £251.13545161290322580645161290323 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature, from 2020 to 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

Legal and General is the UK’s largest money manager

On the 1st June, Legal and General paid out its June dividend.

www.legalandgeneral.com

13.27p a share.

https://www.londonstockexchange.com/news-article/LGEN/total-voting-rights/15435885

The total number of voting rights in the Company is 5,970,486,700.

Thus:-

5,970,486,700 x £0.1327 = £792,283,585.09

That is £792 Million paid to shareholders.

https://www.londonstockexchange.com/stock/LGEN/legal-general-group-plc/company-page

There is wide spread media stories of the cost of fuel.

Fuel prices: Petrol stations face urgent review of fuel duty cut – BBC News

£100 is now the average cost to fuel a car with petrol. Take a step back, and consider this:-

You have to earn about £150 “before tax” to take home £100 in your bank account. Thus you have already paid £50 in tax.

Now you fuel up and pay £100 on fuel, now that £100 is comprised of:-

£16.67 VAT (Valued Added Tax)

£32.74 is Fuel Duty (Fuel Tax)

£35.84 is the fuel supplier (the wholesale cost)

£9.71 is biofuel (additives)

£3.92 is the retailers margin

£1.12 is delivery costs.

So the £16.67 + £32.74 = £49.41.

Thus 49% of the £100 is tax, but you had to pay £50 on the £150 earned to take home £100, and then you have to pay £49.41 on tax……

The wise American, Mark Twain was right, only 2 things in life are certain, you pay taxes and you die.

A picture paints a thousand words.

Gresham House Energy Storage Fund plc | Gresham House

Gresham House Energy Storage Fund plc (GRID) invests in a portfolio of utility-scale operational battery energy storage systems in Great Britain. GRID seeks to provide shareholders with an attractive and sustainable dividend over the long term, alongside the prospect of capital growth.

GRESHAM HOUSE ENERGY STORAGE FUND PLC GRID Stock | London Stock Exchange

https://www.theguardian.com/music/2022/jun/06/kate-bush-thanks-stranger-things-fans-as-running-up-that-hill-climbs-charts

The abrdn Asian Income Fund is targeting the income and growth potential of Asia’s most compelling and sustainable companies

https://www.asian-income.co.uk/

Ten largest holdings (%)
TSMC Taiwan 7.3% of the fund
Samsung Electronics Korea 6.5% of the fund
BHP Australia 4.0% of the fund
DBS Group Singapore 3.8% of the fund
Oversea-Chinese Banking Corp. Singapore 3.2% of the fund
Venture Corporation Singapore 3.0% of the fund
Infosys India 2.6% of the fund
United Overseas Bank Singapore 2.6% of the fund
Rio Tinto Australia 2.4% of the fund
Tisco Financial Thailand 2.2% of the fund

Total 37.6 % of the fund

The total number of investments 60

https://www.londonstockexchange.com/stock/AAIF/abrdn-asian-income-fund-limited/company-page

Russia’s invasion of Ukraine threatens to be the “beginning of the third world war” that could spell the end of civilisation, the veteran philanthropist and former financier George Soros has warned

Today Gresham House Energy Storage Fund pays out its May 2022 dividend.

1.75p a share.

https://www.londonstockexchange.com/news-article/GRID/total-voting-rights/15080709

Now he total number of voting rights of the Company is 437,842,078, thus:-

437,842,078 x £0.0175 = 7,662,236.365

That is £7,662,236.365 = £7.662 Millon paid to shareholder

https://www.londonstockexchange.com/stock/GRID/gresham-house-energy-storage-fund-plc/company-page

HSBC suspends banker over ‘nut job’ climate comments, say reports – BBC News

A good news story after some dreadful comments from Stuart Kirk of HSBC Asset Management.

Last week, Stuart Kirk, a leader in the bank’s responsible investing team, said: “There’s always some nut job telling me about the end of the world.”

In the address he made light of the risks of major floods and said that he had to spend his time “looking at something that’s going to happen in 20 or 30 years”.

During the 15-minute address at the FT Moral Money Summit, Mr Kirk said “Climate change is not a financial risk that we need to worry about.”

“Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS wrong,” a slide shown as part of the presentation said.

The Invesco Bond Income Plus Limited is a London listed investment trust.

The objective of the Fund is to achieve long-term capital growth. The Fund invests primarily in shares of companies engaged in the discretionary consumer needs worldwide, including companies engaged in meeting the demands of consumers. The Fund is actively managed and is not constrained by its benchmark, MSCI World Consumer Discretionary Index (Net Total Return), which is used for comparison purposes

£357.0m Total Assets

6.5% Dividend Yield

Invesco Bond Income Plus Limited was previously City Merchants High Yield Trust Limited

https://www.invesco.com/uk/en/investment-trusts/invesco-bond-income-plus-limited.html

Top 10 issuers % portfolio

Codere New Topco 13.625% PIK 30 Nov 2027, 12.75% PIK 30 Nov 2027,
11% PIK 30 Sep 2026, 7.5% PIK 30 Nov 2027 (SUB),
Common Stock
2.5% portfolio

Lloyds Banking Group 7.625% FRN Perpetual, 7.5% FRN Perpetual, 7.875%
FRN Perpetual, 6.375% FRN Perpetual, 3.5% FRN 01
Apr 2026 (SNR)
2.4% portfolio

Teva Pharmaceutical Finance 6% 31 Jan 2025 (SNR), 4.375% 09 May 2030 (SNR),
7.125% 31 Jan 2025 (SNR), 6.75% 01 Mar 2028
(SNR), 5.125% 09 May 2029 (SNR)
2.2% portfolio

Barclays 2.75% FRN Perpetual, 4.375% FRN Perpetual, 6.375%
FRN Perpetual, 7.25% FRN Perpetual, 7.875% FRN
Perpetual, 8% FRN Perpetual
2.1% portfolio

Aviva 6.125% FRN 05 Jul 2043, 6.125% FRN Perpetual,
8.875% Preference
2.0% portfolio
C
o-Operative Bank 9.5% FRN 25 Apr 2029, 5.125% 17 May 2024 (SNR),
6% FRN 06 Apr 2027 (SNR), 7.5% FRN 08 Jul 2026
1.8% portfolio

Petra Diamonds 10.5% PIK 08 Mar 2026, Common Stock 1.8
Virgin Media O2 5% 15 Apr 2027 (SNR), 4.25% 15 Jan 2030 (SNR),
4% 31 Jan 2029 (SNR)
1.7% portfolio

Ziggo Bond Finance 6% 15 Jan 2027 (SNR), 4.875% 15 Jan 2030 (SNR),
3.375% 28 Feb 2030 (SNR)
1.6% portfolio

Vodafone Group 4.875% 03 Oct 2078, 7% FRN 04 Apr 2079, 6.25%
03 Oct 2078
1.5% portfolio

Total 19.6 of the portfolio

https://www.londonstockexchange.com/stock/BIPS/invesco-bond-income-plus-limited/company-page

Today, the Lloyds Banking Group pays out its May 2022 dividend.

1.33p a share.

https://www.lloydsbankinggroup.com

The total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 69,666,692,662 ordinary shares.

https://www.londonstockexchange.com/news-article/LLOY/total-voting-rights/15432921

Thus:

69,666,692,662 x £0.0133 = £926,567,012.4046

That is £926 million paid to shareholders.

https://www.londonstockexchange.com/stock/LLOY/lloyds-banking-group-plc/analysis

An Overview of the Dunning-Kruger Effect (verywellmind.com)

“People who consider themselves “the clever ones” are not clever at all

The Dunning-Kruger effect is a type of cognitive bias in which people believe that they are smarter and more capable than they really are. Essentially, low ability people do not possess the skills needed to recognize their own incompetence. The combination of poor self-awareness and low cognitive ability leads them to overestimate their own capabilities.

The term lends a scientific name and explanation to a problem that many people immediately recognize—that fools are blind to their own foolishness. As Charles Darwin wrote in his book The Descent of Man, “Ignorance more frequently begets confidence than does knowledge.”

An Overview of the Dunning-Kruger Effect

This phenomenon is something you have likely experienced in real life, perhaps around the dinner table at a holiday family gathering. Throughout the course of the meal, a member of your extended family begins spouting off on a topic at length, boldly proclaiming that he is correct and that everyone else’s opinion is stupid, uninformed, and just plain wrong. It may be plainly evident to everyone in the room that this person has no idea what they are talking about, yet they prattle on, blithely oblivious to their own ignorance.

The effect is named after researchers David Dunning and Justin Kruger, the two social psychologists who first described it. In their original study on this psychological phenomenon, they performed a series of four investigations.

On the 4th May 2022, NatWest Group, (formerly The Royal Bank of Scotland) paid out it May 2022 dividend.

https://www.natwestgroup.com/

It was £0.075p a share.

https://www.londonstockexchange.com/news-article/NWG/total-voting-rights/15432867

42,250,741,324 are the total voting rights thus:-

42,250,741,324 x £0.075 = £3,168,805,599.30

That is £3,168 Million = £3.168 Billion paid to shareholders

https://www.londonstockexchange.com/stock/NWG/natwest-group-plc/company-page

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://dmo.gov.uk/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In April 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were only 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

20-Apr-2022 1 1/8% Treasury Gilt 2039 £2,499.9980 Million
12-Apr-2022 1% Treasury Gilt 2032 £3,124.9980 Million
05-Apr-2022 0 3/8% Treasury Gilt 2026 £3,250.0000 Million

£2,499.9980 Million + £3,124.9980 Million + £3,250.0000 Million = £8,874.996 Million

£8,874.996 Million = £8.874996 Billion

On another way of looking at it, is in the 30 days in April 2022, HM Government borrowed:- £295.8332 Million each day for the 30 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature in 2039. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……”

The Foreign and Colonial Investment Trust is the founding father if investments for the masses. Tomorrow it pays out its dividend to shareholders

https://www.bmogam.com/fandc-investment-trust/

3.8p a share.

F&C Investment Trust PLC holds stock in over 450 companies. These are the twenty companies that is holds the most stock in:

Microsoft 2.5% of the portfolio
Alphabet 2.2% of the portfolio
Apple 1.9% of the portfolio
Amazon 1.8% of the portfolio
UnitedHealth 1.4% of the portfolio
Anthem 0.9% of the portfolio
Meta 0.9% of the portfolio
Taiwan Semiconductor Manufacturing Company 0.9% of the portfolio
Comcast 0.8% of the portfolio
Broadcom 0.8% of the portfolio
Tesla 0.8% of the portfolio
International Flavors & Fragrances 0.8% of the portfolio
Hess 0.7% of the portfolio
CVS Health 0.7% of the portfolio
Merck & Co 0.7% of the portfolio
Dollar General 0.7% of the portfolio
AstraZeneca 0.7% of the portfolio
JB Hunt 0.6% of the portfolio
Mastercard 0.6% of the portfolio
Wells Fargo 0.6% of the portfolio

https://www.londonstockexchange.com/news-article/FCIT/total-voting-rights/15433300

The total number of voting rights 522,500,492

Thus:-

522,500,492 x £0.038 = £19,855,018.696

That is £19million paid to shareholders.

https://www.londonstockexchange.com/stock/FCIT/f-c-investment-trust-plc/company-page

The Invesco Asia Trust is a London listed investment trust.

https://www.invesco.com/uk/en/investment-trusts/invesco-asia-trust-plc.html

The Company’s objective is to provide long-term capital growth by investing in a
diversified portfolio of Asian and Australasian companies.

Top 10 holdings % portfolio
Taiwan Semiconductor Manufacturing Taiwan 7.3% portfolio
Samsung Electronics South Korea 6.3% portfolio
Tencent – R China 6.0% portfolio
Alibaba China 3.7% portfolio
ICICI Bank – ADR India 3.5% portfolio
Housing Development Finance Corporation India 3.5% portfolio
JD.com China 3.1% portfolio
AIA Hong Kong 3.0% portfolio
MingYang Smart Energy – A China 2.7% portfolio
NetEase China 2.5% portfolio

Total 41.6% portfolio

https://www.londonstockexchange.com/stock/IAT/invesco-asia-trust-plc/company-page

The M&G Positive Impact Fund is a relatively new fund from M&G Investments.

The fund has two aims: to provide combined capital growth and income, net of the Ongoing Charge Figure, that is higher than the MSCI ACWI Index over any five-year period; and to invest in companies having a positive social impact. The fund usually holds shares in fewer than 40 companies. The fund invests over the long term in companies that make a positive social and/or environmental impact alongside a financial return. Sustainability and impact considerations are fundamental in the stock selection process.

Largest holdings
ON Semiconductor 6.6(%) Fund
Novo Nordisk 5.6(%) Fund
Johnson Controls International 5.0(%) Fund
Unitedhealth Group 4.8(%) Fund
Thermo Fisher Scientific 4.7(%) Fund
Solaredge Technologies 4.7(%) Fund
Schneider Electric 4.4(%) Fund
HDFC Bank 4.1(%) Fund
Orsted 3.9(%) Fund
ALK Abello 3.7(%) Fund

Fund size (millions) £ 209.60

https://www.mymandg.co.uk/posi-hub

The BlackRock Energy and Resources Inc Trust is a London listed investment trust whose objective is to achieve an annual dividend target and, over the long term, capital growth by investing primarily in securities of companies operating in the mining and energy sectors.

https://www.blackrock.com/uk/products/investment-trusts/our-range/blackrock-energy-and-resources-income-trust/trust-information

The Largest Holdings
1 Vale 7.50% of the trust
2 Glencore 6.90% of the trust
3 Chevron 5.10% of the trust
4 BHP 4.00% of the trust
5 First Quantum Minerals 3.60% of the trust
6 Anglo American 3.40% of the trust
7 ConocoPhillips 3.20% of the trust
8 Canadian Natural Resources 2.70% of the trust
9 TotalEnergies 2.60% of the trust
10 EOG Resources 2.40% of the trust

https://www.londonstockexchange.com/stock/BERI/blackrock-energy-and-resources-income-trust-plc/company-page

Tomorrow, HSBC Holdings, the UK Banking giant pays out its April 222 dividend.

https://www.hsbc.com

$0.18 or 13.8188p a share.

https://www.londonstockexchange.com/news-article/HSBA/total-voting-rights/15393602

The total number of voting rights in HSBC Holdings plc is 20,201,524,282

Thus:-

20,201,524,282 x £0.138188 = £2,791,608,237.481016

That is £2,791 Million = £2.791608237481016 Billion paid to shareholders.

https://www.londonstockexchange.com/stock/HSBA/hsbc-holdings-plc/company-page

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://dmo.gov.uk/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In March 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were only 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

15-Mar-2022 0 1/8% Index-linked Treasury Gilt 2031 3 months £1,239.4000 Million
08-Mar-2022 1¼% Treasury Gilt 2051 £1,874.9990 Million
02-Mar-2022 0¼% Treasury Gilt 2025 £3,250.0000 Million

£1,239.4000 Million + £1,874.9990 Million + £3,250.0000 Million = £6,364.399 Million

£6,364.399 Million = £6.364399 Billion

On another way of looking at it, is in the 31 days in March 2022, HM Government borrowed:- £205.3031935483870967741935483871 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature in 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

Today, the Personal Assets Trust pays out its April dividend.

https://www.patplc.co.uk/

140p a share.

https://www.londonstockexchange.com/news-article/PNL/total-voting-rights/15394999

the total number of Ordinary shares of £12.50 of the Company in issue is 3,629,989.

Thus:-

3,629,989 x £1.40 = 5,081,984.6

That is £5.081 Million paid to shareholders.

https://www.londonstockexchange.com/stock/PNL/personal-assets-trust-plc/company-page

Yesterday, Digital 9 Infrastructure the investor in digital assets paid out a dividend.

1.5p a share.

https://www.d9infrastructure.com/

Since inception and floatation, it has been buying assets.

the total number of voting rights in the Company is 810,629,500

https://www.londonstockexchange.com/news-article/DGI9/total-voting-rights/15311626

Thus:

810,629,500 x £0.015 = £12,159,442.5

That is £12million paid to shareholders.

https://www.londonstockexchange.com/stock/DGI9/digital-9-infrastructure-plc/company-page

The graph below show the US Dollar vs The Russian Rouble over 6 months

The Russian Ruble (or Rouble) is the official currency of the Russian Federation, as well as South Ossetia and Abkhazia. The ruble is subdivided into 100 kopeks (or kopecks, copecks). There is currently no official symbol for the Ruble, though the abbreviation руб. is widely in use, and the country is considering several other possibilities.

The Russian Federation is one of the world’s largest market economies. By nominal GDP, Russia is ranked as the 10th largest economy in the world (6th largest by Purchasing Power Parity). Political stability and increased domestic consumption have driven significant growth since the early 2000s. The average salary increased from $80/month in 2000 to ~$640/month in 2008. Roughly 14% of Russians lived in poverty in 2010 vs. nearly 40% in 1999.
Oil, natural gasoline, timber, and precious metals represent ~80% of exported goods. Agricultural products is also a major export &mdash Russia is the third largest grain exporter globally, behind only the United States and European Union.

The Ruble has been the official currency of Russia for nearly 500 years. The kopek was first introduced in 1710, with a value of 1/100th of a Ruble.
In December, 1885, the Russian Ruble was revalued to a gold standard, pegged to the French Franc at 1 Ruble = 4 Francs. This value was revised in 1897 to 1 Ruble = 2 2/3 Francs.
During World War I, the gold standard was dropped leading to devaluation of the Ruble and hyperinflation.
The “second Ruble” was introduced on January 1, 1922, followed by the “third Ruble” in January 1923.
The “fourth Ruble” (or “Gold Ruble”) was issued in March, 1924.
Following World War II, the “fifth Ruble” was introduced in 1947, in order to revalue the currency and reduce the amount of paper tender in circulation.
The introduction of the “sixth Ruble” occurred in 1967, under a similar process to the “fifth Ruble” issue.
The “sixth Ruble” remained the official currency of Russia during the transition from the Soviet Union to the modern Russian Federation, though new notes were issued in 1993 to reflect the change.
The “seventh Ruble” was issued on January 1, 1998, essentially devaluing the Russian Ruble at a rate of 1 new Ruble = 1,000 old Rubles.

The Momentum Multi-Asset Value Trust plc was previously known as the Seneca Global Income & Growth Trust plc

https://momentum.co.uk/channels/individual-investor/uk-investor/investment-trust

The Momentum Multi-Asset Value Trust is for investors who wish to combine the benefits of a quarterly income with long term capital growth.

HOLDINGS BY ASSET CLASS

UK EQUITIES

Babcock International Group 2.2%

Diversified Energy 2.2%

BT Group 2.0% %

OSB Group 1.8%

Kier Group 1.8%

OVERSEAS EQUITIES

Morant Wright Fuji Yield 4.5%

CIM Dividend Income 3.2%

Samarang Asian Prosperity 3.1%

JP Morgan European Investment Trust 2.5%

Prusik Asian Equity Income 2.3%

CREDIT

Absalon Emerging Markets Corporate Debt 2.4%

TwentyFour Select Monthly Income 2.4%

Royal London Short Duration Global High Yield 1.1%

Royal London Sterling Extra Yield Bond 0.9%

SPECIALIST ASSETS

Fair Oaks Income 2.5%

Ediston Property Investment Company 2.4%

RM Infrastructure Income 2.2%

UK Mortgages 2.2%

Schroder UK Public Private Trust 2.0%

https://www.londonstockexchange.com/stock/MAVT/momentum-multi-asset-value-trust-plc/company-page

Shell PLC, one of the oil majors, tomorrow pays out its quarterly dividend.

https://www.shell.com

A dividend of US$0.24, €0.2181 or 18.28p per ordinary share, respectively.

https://www.londonstockexchange.com/news-article/SHEL/voting-rights-and-capital/15346728

Shell plc’s capital as at February 28, 2022, consists of 7,608,484,466 ordinary shares of €0.07 each.

Thus:

7,608,484,466 x £0.1828 = £1,390,830,960.3848

That is £1,390 Million = £1.390 Billion

Tomorrow, Shell PLC pays out £1.390 Billion to shareholders.

https://www.londonstockexchange.com/stock/SHEL/shell-plc/company-page

Today, BP one of the oil majors pay out its quarterly divident.

https://www.bp.com

$0.0546 or 4.1595p a share.

https://www.londonstockexchange.com/news-article/BP./q4-2021-payment-of-dividends-in-sterling/15368795

The total number of voting rights in BP p.l.c. is 19,489,158,624

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/15348781

Thus:-

19,489,158,624 * £0.041595 = £810,651,552.96528

That is £810 Million paid to shareholders.

https://www.londonstockexchange.com/stock/BP./bp-plc/company-page

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://dmo.gov.uk/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In February 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were only 1 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

15-Feb-2022 1% Treasury Gilt 2032 2,250.0000 Million

£2,250.0000 Million = £2.2500000 Billion

On another way of looking at it, is in the 28 days in February 2022, HM Government borrowed:- £80.357142857142857142857142857143 Million each day for the 28 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature in 2032. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

The NB Global Monthly Income Fund Limited is a London Listed Investment Trust.

https://www.nbgmif.com/

£220 Market Capitalisation.

The NB Global Monthly Income Fund Limited aims to provide its shareholders with consistent levels of monthly income, while maintaining or increasing the Net Asset Value per Share over time. The Fund’s managers seek to achieve this strategy by investing in a broad range of credit assets, including but not limited to high
yield and investment grade bonds and alternative credit comprising of private debt, special situations and CLO debt tranches.

ASSET ALLOCATION %
Private Debt, 22.15%
Special Situations, 4.60%
CLO Debt Tranches, 11.43%
Global High Yield, 26.14%
Global Floating Rate Loans, 35.68%

https://www.londonstockexchange.com/stock/NBMI/nb-global-monthly-income-fund-limited/company-page

Two days ago, the most influential and respect central bank, the US Federal Reserve increased interest rates.

https://www.federalreserve.gov/

“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With appropriate firming in the stance of monetary policy, the Committee expects inflation to return to its 2 percent objective and the labor market to remain strong. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 1/4 to 1/2 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee expects to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities at a coming meeting.”

Federal Reserve Board – Federal Reserve issues FOMC statement

The balance sheet is now at US$ 8, 910,748 Million = $8,910 Billion = $ 8.9 Trillion of assets now owned by the US Fed.

The JPMorgan Russian Securities plc is a London listed investment trust, investing in Russian equities.

https://am.jpmorgan.com/gb/en/asset-management/per/products/jpmorgan-russian-securities-plc-ordinary-shares-gb0032164732

The company aims to maximise total return to shareholders from a diversified portfolio of investments primarily in quoted Russian securities or other companies which operate principally in Russia. The company may also invest up to 10% of its gross assets in companies that operate or are located in former Soviet Union Republics.

TOP 10 Sector % of assets of the fund.

Gazprom ADR Energy 20.5% of fund
Lukoil Energy 13.1% of fund
Sberbank of Russia Financials 13.1% of fund
Novatek GDR Energy 6.8% of fund
Rosneft GDR Energy 6.5% of fund
Norilsk Nickel Materials 4.7% of fund
VTB Bank Financials 2.8% of fund
Magnit Consumer Staples 2.8% of fund
Halyk Bank Financials 2.6% of fund
Severstal Materials 2.5% of fund

https://www.londonstockexchange.com/stock/JRS/jpmorgan-russian-securities-plc/company-page

UK shale gas stocks IGas Energy Plc (AIM:IGAS) have seen their shareprices rise in recent days as the UK government rethinks its position on fracking, which could unlock domestic gas resources unlocked to ease dependence on Russian imports.

IGas has a portfolio of six licences across the east midlands, in a geological area known as the Gainsborough Trough.

A revival amidst the energy crisis and 2022’s geopolitical crises could spark a turnaround for these practically dismissed projects.

IGas | Home (igasplc.com)

https://www.londonstockexchange.com/search?searchtype=all&q=igas

It is now US$ 1990 an ounce.

One can see the price in the past 3 years, has climbed from $1200 to $1990.

One non-metallic property of gold (Au) is that it can be used as a hedge against rising prices, thus inflation.

And in these politically uncertain times, and when there is huge inflation in the economy, labour shortages, and potential labour shortages, commodity shortages, such as crude oil, Gold holds its value and rises again a back drop of rising inflation

$127 a barrel at the close of play on Tuesday 8th March 2022

The investment objective is to deliver superior long-term capital appreciation from investments in life science businesses, leading long-only and alternative investment funds and managed accounts across multiple asset classes. The Company will target an IRR per share across its investment portfolio of 15% p.a. over the long term. Over time, it is intended that the Company should invest the significant majority of its assets in Life Science Investments.

https://www.synconaltd.com/

Syncona Ltd, a leading healthcare company focused on founding, building and funding global leaders in life science

https://www.londonstockexchange.com/stock/SYNC/syncona-limited/company-page

Sberbank – Wikipedia

The graph below paints the story.

SBERBANK OF RUSSIA SBER Stock | London Stock Exchange

Russia’s largest lender Sberbank is quitting almost all European markets, blaming big cash outflows and threats to its staff and property following Russia’s invasion of Ukraine and Western sanctions. The move seemed inevitable after the European Central Bank (ECB) ordered the closure of the bank’s European arm, having warned it faced failure because of a run on deposits sparked by the invasion, which Moscow calls a “special operation.”

The bank said it was no longer able to supply liquidity to European subsidiaries following an order from Russia’s central bank, which is seeking to preserve foreign currency. But it said capital and assets were sufficient to pay all depositors. The move highlights the pressure some Russian businesses are facing from unprecedented steps by the West to isolate Moscow, including sanctions on its central bank and the exclusion of some of its banks from global payments system SWIFT.

A picture paints, 1000 words. The S&P 500 has reacted to tragedy, war and other major world events.

The picture below shows how the S&P 500 Index has responded to world events.

From the Cuban missile of 1962, to the crisis and human tragedy in Ukraine in 2022

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://dmo.gov.uk/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In January 2022, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were “only” 3 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

26-Jan-2022 0 1/8% Index-linked Treasury Gilt 2051 3 months 600.0000 Million
18-Jan-2022 0½% Treasury Gilt 2029 3,124.9980 Million
11-Jan-2022 0 3/8% Treasury Gilt 2026 3,000.0000 Million

£600.0000 Million + £3,124.9980 Million + £3,000.0000 = £6,724.998 Million

£6,724.998 Million = £6.724998 Billion

On another way of looking at it, is in the 31 days in January 2022, HM Government borrowed:- £ 216.93541935483870967741935483871 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature from 2026 through to 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……

LEGAL AND GENERAL ASSET MANAGEMENT ISPY Stock | London Stock Exchange

The graph speak volumes:-

Atlantic Lithium, is creating west Africa’s first Lithium mine.

Atlantic Lithium Ltd

The graph speaks volumes

ATLANTIC LITHIUM LIMITED ALL Stock | London Stock Exchange

The Mercantile Investment Trust plc is a FTSE-250 London listed investment trust.

https://am.jpmorgan.com/gb/en/asset-management/per/products/the-mercantile-investment-trust-plc-gb00bf4jdh58

The Mercantile Investment Trust plc seeks out quality UK medium and smaller sized companies outside the FTSE 100 to build a portfolio of stocks that offer clear and compelling opportunities for future growth.
One of the largest UK equity investment trusts and a history stretching back more than 130 years

Top holdings as of 31/12/2021

Watches of Switzerland Consumer Discretionary 4.4% of the fund
Future Consumer Discretionary 3.7% of the fund
Intermediate Capital Financials 3.3% of the fund
Bellway Consumer Discretionary 3.0% of the fund
IMI Industrials 2.6% of the fund
Softcat Technology 2.6% of the fund
Computacenter Technology 2.5% of the fund
Dunelm Group Consumer Discretionary 2.5% of the fund
Electrocomponents Industrials 2.4% of the fund
Spirax Sarco Industrials 2.3% of the fund

https://www.londonstockexchange.com/stock/MRC/mercantile-investment-trust-the-plc/company-page

Today, British Telecommunications PLC, the UK’s premier telecommunications giant, pays out its Feb dividend.

https://www.bt.com

2.31p a share.

https://www.londonstockexchange.com/news-article/BT.A/total-voting-rights/15271687

The total number of voting rights in BT Group plc on that date was 9,919,692,092.

Thus:-

9,919,692,092 x £0.0231 = £229,144,887.3252

That is £229 million.

https://www.londonstockexchange.com/stock/BT.A/bt-group-plc/company-page

Tomorrow, Vodafone PLC pays out its Feb 2022 dividend.

https://www.vodafone.com

€0.045 = 3.75826p a share.

https://www.londonstockexchange.com/news-article/VOD/total-voting-rights/15310605

The total number of voting rights in Vodafone is 27,064,398,704

Thus:

27,064,398,704 x £0.0375826 = £1,017,150,470.73295

That is £1,017,150,470 = £1017 Million = £1.017 Billion

https://www.londonstockexchange.com/stock/VOD/vodafone-group-plc/company-page

Today, the UK Water Utility, United Utilities pays out its Feb 2022 dividend.

14.5p a share.

https://www.unitedutilities.com/

The total number of voting rights in the company stood at 681,888,418 and the total
ordinary shares in issue were 681,888,418.

https://www.unitedutilities.com/globalassets/documents/pdf/23-july-2021-agm-poll-result-.pdf

Thus:-

681,888,418 x £0.145 = £98,873,820.61

That is £98million

https://www.londonstockexchange.com/stock/UU./united-utilities-group-plc/company-page

It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for. – Robert Kiyosaki

The Law Debenture Corporation is a London listed investment trust.

https://www.lawdebenture.com/

The Law Debenture Corporation is founded as a limited company to facilitate the issue of corporate debentures.

The Corporation was established by a group of prominent businessmen, politicians and lawyers, with many of the founders of leading professional firms appearing on the list of original shareholders. This list includes Edwin Waterhouse of Price Waterhouse, now PwC.

The investment objective is to achieve long term capital growth in real terms and steadily increasing income. The aim is to achieve a higher rate of total return than the FTSE Actuaries All Share Index through investing in a diversified portfolio of stocks.

It has grown or maintained for each of the last 40 years consecutively.

The portfolio is typically diversified across approximately 140 stocks, mainly UK focused (typically 66% FTSE, 33% small and mid-cap) with the remaining holdings distributed across North America, Europe, Asia and rest of world where opportunities arise to build positions in organisations with an attractive profile. It holds no sector allocation constraints facilitating rotation into sectors which offer best long term value.

The portfolio turnover is low. Our patient approach, allowing for the realisation of fair value, has enabled it to outperform our benchmark significantly.

Top Ten Equity Holdings:-

GlaxoSmithKline 2.7% of the fund
Barclays 2.1% of the fund
Royal Dutch Shell 2.1% of the fund
BP 2.0% of the fund
HSBC 1.9% of the fund
Rio Tinto 1.8% of the fund
Accsys Technologies 1.6% of the fund
Ceres Power 1.6% of the fund
Severn Trent 1.5% of the fund
Marks & Spencer 1.5% of the fund

https://www.londonstockexchange.com/stock/LWDB/law-debenture-corporation-plc/company-page

Another month, guess what, take a lucky guess, it is the same old story, HM Government, spends more money than it receives via taxes and duties.
Now we are in a Covid 19 world. UK’s HM Government needs to fund many new demands. [www.dmo.gov.uk]

https://www.dmo.gov.uk/dmo_static_reports/Gilt%20Operations.pdf

Another deficit month, thus to bridge the gap, needs to borrow on the bond market In December 2021, the HM Government had to borrow money to meet the difference between tax revenues and public sector expenditure. The term for this is The PSNCR: The Public Sector Net Cash Requirement. There were “only” 2 auctions of Gilts (UK Government Bonds) by the UK Debt Management Office to raise cash for HM Treasury:-

07-Dec-2021 1¼% Treasury Gilt 2051 £1,875.0000 Million
01-Dec-2021 1% Treasury Gilt 2032 £2,250.0000 Million

Thus:-

£1,875.0000 Million + £2,250.0000 Million = £4,125 Million

£4,125 Million = £4.125 Billion

On another way of looking at it, is in the 31 days in December 2021, HM Government borrowed:- £133.0645161290323 Million each day for the 31 days.

We are fortunate, while the global banking and financial markets still has the confidence in HM Government to buy the Gilts (Lend money to the UK), the budget deficit keeps rising. What is also alarming, is the dates these bond mature from 2032 through to 2051. All long term borrowings, we are mortgaging our futures, but at least “We Are In It Together……“

https://www.youtube.com/watch?v=-yK5ILtYlUs

Very useful insight on inflation and crypto assets

Witan is an investment trust which aims to grow shareholders’ wealth and outperform through active investment primarily in listed individual companies across a broad spread of global equity markets.

https://www.witan.com/

Witan employs an active multi-manager approach, allocating funds for investment by selected managers with different styles and specialisations

Lansdowne Partners Global 19% of portfolio
Veritas Global 19% of portfolio
Lindsell Train Global 15% of portfolio
WCM Global 12% of portfolio
Jennison Global 6% of portfolio
Artemis UK 6% of portfolio

TOP 20 HOLDINGS

Top 20 holdings (%)
GMO Climate Change Fund 5.0% of the trust
Apax Global Alpha 2.9% of the trust
Princess Private Equity 2.1% of the trust
Alphabet 1.8% of the trust
Unilever 1.7% of the trust
Taiwan Semiconductor Manufacturing 1.5% of the trust
Intuit 1.5% of the trust
BlackRock World Mining 1.4% of the trust
Charter Communications 1.3% of the trust
Diageo 1.3% of the trust
Syncona 1.3% of the trust
Schroder Real Estate Investment Trust 1.1% of the trust
Amazon 1.0% of the trust
BT 1.0% of the trust
Microsoft 1.0% of the trust
Relx 1.0% of the trust
Nintendo 1.0% of the trust
CVS Health 1.0% of the trust
Natwest 0.9% of the trust
Heineken 0.9% of the trust

Top 10 Holdings 20.5% of the trust
Top 20 Holdings 30.7% of the trust

https://www.londonstockexchange.com/stock/WTAN/witan-investment-trust-plc/company-page

The Capital Gearing Trust PLC is a London Listed Investment Trust.

https://www.capitalgearingtrust.com/homepage

The investment objective, is to preserve, and over time to grow shareholder’s real wealth.

Largest Equity / Fund holdings:-
ishares MSCI JP ESG Screened ETF 4.3%
Grainger 2.1%
Ishares FTSE 100 ETF 2.0%
North Atlantic Smaller Co 1.9%
Secure Income 1.9%

Largest Bond Holdings:-
UK I/L 0.125% 22/03/24 4.7%
US I/L 1.375% 15/02/44 1.7%
US I/L 0.125% 15/04/26 1.3%
US I/L 0.75% 15/02/45 1.2%
JP I/L 0.10% 10/03/29 1.2%

Fund/equity breakdown
Equities 18%
Property 17%
Loans 4%
Infrastructure 6%
Private Equity / Hedge 1%

Fund Size £921m
No. of holdings 219

The Company has delivered amongst the best returns of any London listed investment trust, achieving annual 15.2% share price total returns since 1982 and with 38 out of 39 years producing positive returns. Total shareholder returns are 277x over that period. YTD performance is 9.1% and10.1% over the past 12 months (net of fees).

https://www.londonstockexchange.com/stock/CGT/capital-gearing-trust-plc/company-page